Saudi, UAE central banks agree to adopt DLT

Saudi Arabia’s central bank has agreed with the UAE’s central bank to adopt the distributed ledger technology (DLT) to provide liquidity to banks outside their working hours, Ahmed Al- Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA) told Al Arabiya channel.

DLT allows banks to obtain financing guaranteed by the Saudi and Emirati central banks, he said on the sidelines of the Davos forum.

Al-Kholifey warned against investing in Bitcoins, as trading in such digital currency is unprotected, adding that the currency is only used in speculation and “illegal” operations.